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Class Action Against Facebook, Google, & Twitter Passes $1B in Claims

An Australian class-action suit against prominent online entities has taken major strides forward in recent weeks. Targeting Facebook, Google, and Twitter over their refusal to accept cryptocurrency advertising, the case has amassed over one billion Australian dollars. This staggering number makes it one of the largest class action cases in the country. Peakd reports that a detailed analysis of the damages brought about by the ad ban on various types of cryptocurrency services include $110 billion in crystalized loses, and a further $250 billion in un-crystalized losses. The lower volumes and prices caused by the lack of ads ultimately led to a stark devaluation of various cryptocurrencies, multiple failed IPOs, as well as a sharp decline in profits from currency mining equipment. Companies such as Steem experienced a steep lag in growth and engagement on their platforms. In Australia, lawyers are not permitted a share of recovery from cases. In this case, that translates to lawyers working for free. Over the last three quarters, a team of legal experts has worked off-the-clock to collect evidence and conduct research, believing the case to be meritorious. More is needed, though, to take this class action to completion. The case requires a “bookbuild,” which refers to a large number of signups, which are already secured. Also, a Senior Counsel advocate must state that the case has merit and should move forward. Given the numbers here, it seems an attractive option for large litigation funders. It’s estimated that $3-5 million will be needed to take the class action all the way through the system.
Announcements Consumer

Balanced Bridge Funding Provides Financing to Plaintiffs with Awards from Settled Sex Abuse Cases

ARDMORE, Pa., May 7, 2020 /PRNewswire/ -- Balanced Bridge Funding, LLC ("Balanced Bridge") now offers a special financing program for plaintiffs involved in settled sex abuse cases, who have awards and are interested in receiving a portion of their award upfront. In cases like USC George Tyndall and Larry Nassar, plaintiffs are placed in categories in accordance to their level of abuse. Once they receive notification of their award, they may want to access a portion prior to the anticipated distribution. Balanced Bridge can give them the option to do that. "Our past experience dealing with plaintiffs in these kinds of cases has given us the confidence to move forward with this specially designed program," says Joseph Genovesi, CEO of Balanced Bridge. As a direct funder, Balanced Bridge is able to communicate and coordinate funding to plaintiffs with awards in a matter of days. Rogue gynecologists like Larry Nassar, George Tyndall, and Nikita Levy are well known because of the abuse they rendered to their patients. Each of them was accused of sexual abuse, and because of that, the institutions they worked for were also sued. USC, Michigan State, U.S. Olympics, and John Hopkins University eventually settled with the plaintiffs, costing these institutions millions of dollars. However, with such settlements, the monetary awards the plaintiffs are slated to receive can take a long time to payout. Plaintiffs who have received notification of their award for their settled case and are interested in receiving a portion upfront can complete an application on Balanced Bridge's website. They can also contact the company via email at info@balancedbridge.com or call 267-457-4540.
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Commercial

Ross Asset Management Case Goes to Trial as ANZ Loses Motion

In her 65-page decision, Justice Jillian Mallon ruled that the case against Ross Asset Management will go to trial. This came after ANZ Bank filed to have the case thrown out before trial. Ross Asset Management has been called the biggest Ponzi scheme in New Zealand since its went under in 2012. According to the NZ Herald, investors entrusted at least $450 million to Ross Asset Management, much of which was allegedly grossly mismanaged with help from their bank, ANZ. Charges in the class action include breach of trust, misused overdrafts which led to fraudulent fees and interest charges, and negligence. Estimated losses are listed around $100 million, though only $10 million has been recovered thus far. At least 500 investors have signed on to take part in the class action, which is being funded by LPF Group. Their arrangement indicates that LPF Group will get 25% of the award should the case settle by the end of June. If the case goes into July and beyond, LPF will receive 30%. Without funders like LPF, investors may not have been able to organize for a class action of this size and length. The alleged breaches all occurred prior to 2012, which means the case could take more than a decade to reach a conclusion. This is exactly the kind of high-value case where litigation funders can be of the most help to clients who have been wronged by large entities.
Announcements Commercial

Balanced Bridge Ramps Up Funding Efforts to Help Plaintiffs & Attorneys Quickly Monetize Settled Cases

Balanced Bridge Funding, LLC (“Balanced Bridge”), a specialty finance firm based outside Philadelphia, is ramping up their legal funding efforts to provide capital to plaintiffs and attorneys working on a contingency fee basis. Balanced Bridge’s post-settlement funding product is specifically designed to help bridge applicants from the time of settlement to final distribution of payment. Joseph Genovesi, CEO of Balanced Bridge, said, “It’s during these difficult times that our services are needed more than ever. This is arguably the biggest upheaval the world economy has ever faced, but we stand ready to help those individuals and law firms waiting for payment from settlement agreements now delayed due to disruption of the courts.” Balanced Bridge is one of the premier direct funders in the legal finance space, which consists of firms that provide financing to plaintiffs and plaintiffs’ attorneys at different stages of litigation. Some offer pre-settlement funding, others provide case-cost financing, and very few specialize in providing post-settlement funding, which is Balanced Bridge’s flagship product. Many companies in the legal funding space are not direct funders, rather brokers who receive a commission for arranging financing between the plaintiff, their attorney, and the funder. Because Balanced Bridge is a direct funder backed by institutional investors, they are equipped to advance funds between $10,000 and $10 million directly to the applicant within a matter of days. Among the current settled case awards and fees Balanced Bridge can finance include the Route 91 Festival Shooting, Larry Nassar, USC George Tyndall, Roundup, and many more. Balanced Bridge is prepared to fund plaintiffs with settlement awards from a variety of settled cases. Qualifying plaintiffs would receive a portion of their award upfront. In addition, plaintiffs’ attorneys can obtain financing on their fees tied to settled cases. SSDI, Veterans’ Disability, and court appointed attorneys can also secure funding from Balanced Bridge based on their delayed fees. To apply for funding, please fill out this quick form. For more information about their funding process, please call 267-457-4540 or email info@balancedbridge.com. URL : https://www.balancedbridge.com
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The LFJ Podcast
Hosted By Maurice MacSweeney |
In this episode, we sat down with Maurice MacSweeney, Director of Litigation Funding at UK-based Harbour Litigation Funding. Maurice discussed the issue of enforcement - what is enforcement, what are the inherent challenges, and what does it take to be successful? Maurice also touched on some key issues facing the enforcement sector, including enforcing against cryptocurrency and in investor-state arbitrations. He also discussed COVID-19's impact on enforcement, and explained what funders like Harbour can do to help aid enforcement efforts. [podcast_episode episode="5470" content="title,player,details"]
Commercial

Key Takeaways from the Latest Dealmakers Event

Last week, Dealmakers hosted a virtual event titled 'Law Firm-Funder Partnerships in a Time of Economic Uncertainty.' The event was sponsored by Validity Finance, and featured a panel of speakers including Alanna Clair (AC), Partner at Dentons, Jordan Goldstein (JG), Partner and GC at Selendy & Gay, Joshua Libling (JL), Portfolio Counsel at Validity, and Reed Oslan (RO), Partner at Kirkland & Ellis. The panel was hosted by Bob Robertson (BR), Strategic Advisor at Dealmakers. Below are some key takeaways from the event: BR: Let's discuss the genesis of the Working Group's report (the rebuttal to the NYC Bar's controversial opinion that litigation funding may violate fee-sharing), and what the key takeaways are.  JG: Rule 5.4 generally prohibits fee sharing between firms and non-lawyers. The purpose of the rule is to protect the professional independence of attorneys. The committee determined that litigation funding of firms or cases where fees are split might violate Rule 5.4. But this doesn’t include funders who work with the client rather than the attorney. The NYC Bar opinion is relevant in terms of persuasive authority, but not enforcement. The working group looked to see if Rule 5.4 needed to be revised. All members wanted to amend this rule to allow firms to work directly with funders. The disagreement was regarding disclosure and consent for clients, and to what degree funders could lend input to lawyers. There are two different proposals outlined—and the group was evenly split between them. Members disagreed on the exact parameters of informed consent. The consensus though, was that Litigation Finance can and should be permitted under ethical rules. The takeaway is that some disclosure will be needed, but there’s leeway in terms of when and how much information should be disclosed. BR: There’s a broad spectrum of opinions on Litigation Finance. How will the current economic climate impact those perceptions? RO: In 2008-2009, litigation funding was hard to find. At the same time, we had a significant uptick in demand in my own firm. This drove the growth of lit fin for many years. Today, I see more of the same. The US has a well-developed Litigation Finance industry. It’s a perfectly valid form of funding, and the demand for risk-sharing will be far greater than it was in 2008. Litigation funders are going to do quite well on this.  JL: If you start by looking at the problem from the client and firm perspective, they have a need for revenue, but don’t have capital for payouts. Clients pressure firms, firms look to relieve pressure. Taking that capital and shifting the risk to increase liquidity is becoming more central to a firm’s business model. RO: Litigation Funders can act in ways that law firms can’t. Example: providing capital directly to clients during a case. I see an increase in demand for that kind of financing that can happen based on the value of a case. JG: Funders can also fund just the expenses rather than the whole case. Experts, vendors, etc. Lit fin can bridge the issue for clients with complicated cases.  BR: Some funders are willing to enter into single-case transactions with law firms, as long as the return is structured as a multiple, while others are more apt to secure portfolio funding to address Rule 5.4 concerns. What is the panel's reaction?  RO: In terms of what I've seen in the market over the years, I think the funders want to get as many portfolio funding deals as they can, to get more money into a portfolio to diversify their returns. And there are times where law firms and clients prefer one-off deals. So I've seen both. There are more single-case deals than portfolio deals, because there simply aren't that many large meritorious portfolios of claims to invest in. BR: How can firms ethically secure funding for themselves and clients? What’s the road map? AC: We’re likely to see a higher number of firms and cases turn to Litigation Finance. So it’s more important than ever not to get sloppy with ethics. There’s a fairly defined roadmap now, unlike in 2008.  Work product protects materials, mental impressions of counsel etc. Sometimes work product has to be shared with funders, which carries risk. Executing an agreement to define what will be shared and with whom should be common. There should be an agreement in hand before any information is shared. Communique with the funder is essential to ensure that they can give informed advice. There’s nothing inherently unethical about this relationship. In terms of independence, those paying the lawyer’s fees aren’t allowed to influence their professional judgment—their primary duty is always to the client.   RO: We don’t share work product with funders. We’re really careful in not sharing anything that might someday come out. We just don’t do it because not every judge will rule appropriately on this. JG: This law is still developing and there are states that are outliers in terms of disclosure rules. There are proposals moving through congress that would require disclosure in a greater number of cases. Clients should be informed, though this could be more complex in a portfolio sharing situation. Shopping different funding situations is not unethical. The devil is in the details. I’d urge clients to err on the side of informing their clients.
Consumer

Easy Legal Finance Inc. acquires Seahold Investments Inc.

TORONTO, April 29, 2020 /CNW/ - Easy Legal Finance Inc. a Canadian litigation financing firm, announced today, the acquisition of Seahold Investments Inc. Based in Moncton and established in 2000, Seahold Investments Inc. is one of the first firms in the country to offer pre-settlement lending to personal injury plaintiffs. "We are pleased to add another established and successful firm to the Easy Legal Group of Companies, said Larry Herscu, President & CEO of Easy Legal Finance Inc. This strategic acquisition, in addition to acquiring Rhino Legal Finance in 2018, further demonstrates our commitment to enhance our position as a national litigation lender, with services delivered through strong regional brands, built on a coast-to-coast network of established relationships." "Over the past 20 years, we have built a firm based on the merits of access to justice - providing personal injury plaintiffs with the financial support required through the legal process, says Hubert Seamans, Founder and CEO of Seahold. Easy Legal's reputation for client service is uniquely aligned with ours and I'm pleased to have them further expand our service offering and evolve the firm, for the benefit of our clients and lawyer partners." Mr. Herscu also added that, "The Easy Legal Group of Companies will maintain its mission and remain dedicated to helping those who have been hurt, are in need financial support, in partnership with the plaintiff bar and its service providers. About the Easy Legal Group of Companies The Easy Legal Group of Companies is a Canadian litigation financing firm. Its lending solutions service the personal injury sector including plaintiffs with pending injury claims, their legal representatives and the service providers involved in their cases. The firm is registered to conduct business in Ontario, B.C., Alberta and the Atlantic provinces. Services are delivered through three brands: Easy Legal Finance Inc., Rhino Legal Finance and Seahold Investments Inc. www.easylegal.ca www.rhinofinance.com www.seahold.ca SOURCE Easy Legal Finance Inc.
Announcements Consumer

TriMark Legal Funding Announces Extension of $3,500 Automatic-Approval Pre-Settlement Funding to Aid People Impacted by Coronavirus/COVID-19

EUGENE, Ore., April 29, 2020 /PRNewswire-PRWeb/ -- TriMark Legal Funding LLC, one of the nation's leading pre-settlement funding companies since 2003, announced today that, due to overwhelming popularity, it has extended its financial relief initiative originally launched on March 24th to provide $3,500 in immediate cash assistance to people nationwide who are currently involved in civil lawsuits and have been negatively impacted by Coronavirus/COVID-19. No ending date has been set. Plaintiffs nationwide are strongly encouraged to apply for risk-free pre-settlement funding from TriMark to take advantage of this truly unprecedented, automatic-approval initiative. Tens of millions of Americans have involuntarily become unemployed due to mandatory stay-at-home quarantines and millions of business closures. TriMark Legal Funding is committed to helping every eligible person by providing $3,500 automatic-approval pre-settlement loans. There are no credit checks, no employment requirements, and no out-of-pocket expenses and lawsuit funding approval is based on the merits of an underlying lawsuit. This offer is available nationwide to plaintiffs in civil lawsuits who need cash now, before their cases settle. To apply right now, please visit https://tlfllc.com/coronavirus-pre-settlement-funding or call (877) 932-2628 and one of our friendly representatives will be happy to assist you. Due to much heavier than normal call volume, the fastest way to receive immediate approval is to apply online. How Coronavirus Lawsuit Loans Work Plaintiffs with qualifying cases* and no prior funding can apply for an immediate $3,500 no-documentation, automatic-approval lawsuit cash advance. Existing clients and anyone with prior settlement loans from any other company are ineligible for this offer. TriMark has eliminated its documentation requirements and has also waived its normal underwriting fees. Here is what TriMark needs: 1). Completed application 2). Copy of plaintiff's driver's license or state-issued ID 3). A brief conversation with plaintiff's attorney Pre-settlement funding agreements are executed electronically via DocuSign and funds can be wired directly into a plaintiff's checking account or sent FedEx Overnight in as little as 24 hours. TriMark can provide non-recourse settlement funding from $500 up to hundreds of thousands of dollars, depending on an individual's case and financial needs. For requests over $3,500, accept the $3,500 first, then request additional funding. Documentation and case evaluation are required for additional funding requests, all requests over $3,500, and all requests requiring the buyout of prior advances. T Thomas Colwell, CEO of TriMark Legal Funding commented, "Many plaintiffs involved in pending litigation were already struggling financially before the Coronavirus pandemic. Now, after nearly 6 weeks of mandatory quarantines and with no real end in sight yet, many of those same people are out of money, out of time, out of options, and they are scared. To make matters worse, months of court closures are going to cause an already lengthy legal process to take even longer. TriMark created this program to be a lifeline to plaintiffs who are in dire financial straits right now and need help immediately." TriMark Legal Funding can consider funding on most personal injury lawsuits including car, truck, motorcycle, drunk driving, and motor vehicle accidents and train, subway, and pedestrian accidents. Catastrophic injuries like crush injuries, burn injuries, spinal cord injuries, and traumatic brain injuries, medical malpractice, and wrongful death. Premises liability cases like dog bites, nursing home abuse, slip and fall accidents, and serious injuries on commercial property. Product liability includes cases like dangerous drugs and defective medical devices such as IVC filters, recalled hip replacements, and hernia mesh. Civil rights violations include police brutality, police misconduct, sexual abuse or assault, prison staff misconduct, and wrongful imprisonment. TriMark also considers employment lawsuits like discrimination, retaliation, whistleblower, wrongful termination, and sexual harassment in the workplace, plus work-related injuries like construction accidents, Jones Act maritime injuries, and FELA railroad workers injuries. Disclaimer – TriMark Legal Funding offers non-recourse lawsuit cash advances. While commonly referred to as lawsuit loans, settlement loans, lawsuit settlement loans, etc., they are not technically loans. A non-recourse lawsuit cash advance requires no monthly payments and repayment is contingent upon a successful settlement or jury verdict. If the case is lost or does not settle, the plaintiff does not repay the advance. *Residents of some states are ineligible for this offer due to state laws or internal funding restrictions. Please see https://tlfllc.com/coronavirus-pre-settlement-funding for restrictions and exclusions. URL: https://TLFLLC.com Contact Information: TriMark Legal Funding LLC 1056 Green Acres Rd #102 Eugene, OR 97408 Email: Info@TLFLLC.com Phone: (877) 932-2628 T Thomas Colwell   SOURCE TriMark Legal Funding LLC
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Announcements Commercial

Lex Mundi Publishes Interactive Global Attorney-Client Privilege Guide For General Counsel

HOUSTON, April 28, 2020 /PRNewswire-PRWeb/ -- Lex Mundi, in conjunction with members of the Lex Mundi Litigation, Arbitration and Dispute Resolution Group, has published the first-of-its kind interactive guide - Lex Mundi Global Attorney-Client Privilege Guide. This one-of-a kind guide allows users to compare common and civil law attorney-client privilege information for more than 65 jurisdictions around the world -- all in a side-by-side customized report.

Attorney-client privilege differs significantly between states and countries and also between common and civil law jurisdictions. Some civil law jurisdictions do not recognize the privilege but instead protect the information through professional ethics rules or otherwise. At a time of global financial crisis, when companies are struggling to maintain operations and solvency in the wake of supply chain disruption and demand side collapse, companies know that litigation is looming. Now, more than ever, it is important for companies and their counsel to take steps to protect privileged information in anticipation of the litigation to come.

The Lex Mundi Attorney-Client Privilege Guide details what constitutes attorney-client privilege in common and civil law jurisdictions around the world. Specific topics addressed in the guide include:

  • Elements/Basics
  • Privilege in Corporations
  • Litigation Funding
  • Crime-Fraud Exception
  • Work Product Doctrine/Litigation Privilege
  • Other privileges, including accountant-client privilege, mediation privilege and settlement negotiation privilege

Lex Mundi created the guide with the help of Jenner & Block LLP, Lex Mundi member firm for USA, Illinois. David Greenwald, partner with Jenner & Block LLP, explained, "Our goal in creating this guide is to enable counsel and their clients to identify key differences among jurisdictions' laws and to provide citations to primary sources for further research." He added, "The law of privilege, and the differences between jurisdictions, is often misunderstood. This guide provides ready access to this important information."

The guide's interactive and innovative format allows users to search for and download an individual jurisdiction's report or compare multiple jurisdictions in a side-by-side customizable report. The Lex Mundi Attorney-Client Privilege Guide can be accessed free of charge on the Lex Mundi website at: https://www.lexmundi.com/lexmundi/Attorney-Client_Privilege_Guide.asp.

About Lex Mundi Lex Mundi is the world's leading network of independent law firms delivering consistent, high-quality advice that is critical to solving complex cross-border challenges. Our carefully vetted, and continuously reviewed, top-tier member firms uphold the highest-level service standards while offering preferred access to more than 22,000+ lawyers worldwide in more than 125 countries. Supported by client-focused methods, innovative technologies, joint learning and training, member firms collaborate across borders and industries to deliver joined-up solutions focused on real business results for clients.

Through our innovative service delivery model, clients have the ability to assemble an ideal international legal team, with the best lawyers in the jurisdictions that match their unique footprint, flexed to their most significant legal challenges.

Lex Mundi member law firms are located throughout Europe, the Middle East, Africa, Asia and the Pacific, Latin America and the Caribbean and North America. Through our nonprofit affiliate, the Lex Mundi Pro Bono Foundation, our members also provide pro bono legal assistance to social entrepreneurs around the globe.

For more information, please visit http://www.lexmundi.com and http://www.lexmundiprobono.org.

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